Jilin Forest Artificial Board Group Co., Ltd. agreed to acquire artificial board business from Jilin Forest Industry Co., Ltd. (SHSE:600189) for approximately CNY 580 million on stock on December 4, 2015. Under the terms of the deal, Jilin Forest Industry carried out a capital increase in Jilin Forest Artificial Board Group by use of assets and liabilities of the artificial board business of Jilin Forest Industry including 4 subsidiaries equities, 13 branches’ assets and liabilities and other assets related to artificial board business. After the completion of the capital increase, Jilin Forest Industry will hold 40.22% stake in Jilin Forest Artificial Board Group. The deal was approved by the Board of Jilin Forest Industry on December 4, 2015. As of January 25, 2016, China Jilin Forest Industry Group completed the filing procedures in State-owned Assets Supervision and Administration Commission of Jilin Province. As of January 28, 2016, the deal was approved by the shareholders of Jilin Forest Industry. As of May 28, 2016, Jilin Forest Industry completed the business registration amendment procedures for 4 subsidiaries invested to Jilin Forest Artificial Board Group. The business registration amendment procedures for transferring the assets including lands, building, and vehicles etc. related to assets and liabilities of 13 subsidiaries of Jilin Forest Industry are in the process. China Jilin Forest Industry has completed the filing procedures in State-owned Assets Supervision and Administration Commission of Jilin Province concerning the major assets investment and affiliated transaction on January 25, 2016. On January 31, 2016, the Company and Jilin Forest Artificial Board Group Co., Ltd. signed “Asset Delivery Confirmation,” confirming that all rights, obligations, responsibility, and risks of the target assets have been underataken by Jilin Forest Artificial Board Group Co., Ltd. On February 2, 2016, the change of business registration of Jilin Forest Artificial Board Group Co., Ltd.’s capital increase was completed. On March 28, 2016, the Company and Jilin Forest Artificial Board Group Co., Ltd. signed “Asset Reorganization Handover,” confirming that the branch companies have been delivered to Jilin Forest Artificial Board Group Co., Ltd Jilin Forest Artificial Board Group Co., Ltd completed the acquisition of artificial board business from Jilin Forest Industry Co., Ltd. (SHSE:600189) on August 27, 2020. On August 27, 2020, Jilin Forest Industry Co., Ltd. transferred four companies to Jilin Forest Artificial Board Group Co., Ltd.